An investor has paid $4.1 million to acquire a 30,000-square-foot commercial building in downtown Newark, brokers with CBRE Group announced Tuesday.
The firm, which represented the seller, said the new owner of 200 Washington St. now plans to invest in interior capital improvements. CBRE Senior Vice President Dudley Ryan and Associate Kadeem Goodall-Reid handled the assignment, while also procuring the undisclosed buyer.
The two-story structure sits in Newark’s central business district near the University Heights neighborhood, with proximity to Rutgers University and Essex County College. CBRE touted the building’s two continuous bands of windows and large atrium, which provides an abundance of natural light.
“Investors are truly recognizing the value that the Newark market offers as New Jersey’s largest and most connected city, which is reflected by the market-leading price per square foot paid by the buyer in this particular transaction,” Ryan said in a prepared statement. “As Newark continues to emerge as a dynamic place to work and live, we fully expect to see this type of investment activity and tenant commitment continue.”
The same CBRE team is currently marketing what’s known as The Sandstone Building, a 25,654-square-foot property at 36-40 Clinton St. The historic building, which was built in the early 1900s, was previously home to Seton Hall University Law School and sits within the area known as Newark’s Billion Dollar Triangle — a section surrounded by Newark Penn Station, the Prudential Center and the New Jersey Performing Arts Center.
“In addition to being a great building, it has its own parking lot,” Ryan said. “We’ve had a lot of positive interest.”